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Shortage of PX may affect PTA market trends

28
Jul '09
In the previous week, prices of PX price rose in tandem with crude oil and the market increased US $5 to $1,043 per ton on Monday, but fell back to about $1,036 per ton on Thursday, then rose sharply again on Friday to close at $1053 per ton, up $15 from the previous week.

MX price also rose to $800-804 per ton, up $14 from the previous week. Spread between PX and MX was $249 per ton. In addition to the impact of a rebound in crude oil price, PX price was mostly supported by tight supply in the market.

Although the operation of some new PX plants in China has increased supplies in the market, the reduction of production of PX in Japan and South Korea created a major impact.

Current PX stocks with PTA manufacturers are under strain and since operating rate of major PTA plants is high, it has resulted in a very large demand of PX.

Operating rates of PTA plants might be forced to reduce, if the problem of PX shortage cannot be resolved next month and also result in an even tighter supply position for PTA, which will inevitably lead the prices of PTA to go higher.

Fibre2fashion News Desk - China


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